Self Employed Super Contributions

jaxsta
jaxsta Member Posts: 4 ✭
in Reckon One

My Partner and I own a small business. We do not have employees and do not draw a wage.

I would like to pay some super into each of our accounts. I have made a payment via bpay.

Do I just add the super fund as a supplier and enter it via make payment selecting the superannuation account? Is this the correct way?

I'll be grateful for any advise given to help me out. Thanks.

Comments

  • Peter_9962328
    Peter_9962328 Member Posts: 38 ✭

    Did you receive or found out the answer to this Jaxsta?

    I do have the same question, how to deal with voluntary superannuation contribution when self employed.

  • jaxsta
    jaxsta Member Posts: 4 ✭

    Hi Peter,

    After speaking with my accountant he advised to create a supplier as the super fund. Then to create an account under drawings - sub account personal super contributions. He'd then recognise it and allocate at tax time accordingly.

    Screenshot 2021-09-07 151913.png


  • Robyn Millard
    Robyn Millard Member Posts: 14 ✭

    But don't you have to report these payments via a payroll lodgement?

    I have a similar question - but do have wages - but the super amount is fixed.

    How do I submit STP for the weekly wages, but account for the fact that super does not match the 10% SGC. How do I show that a director is paid a super amount difference and lodge it via STP - so that is in effect salary sacrifice.

  • Kris_Williams
    Kris_Williams Member Posts: 3,193 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited September 2021

    Setup a SS deduction in the employees name and it will appear as RESC on ‘payment summaries’. I would enter the amount in wages and then deduct as SS. This can also reduce the tax if you wish, I would probably confirm with accountant how he wants it handled

  • Robyn Millard
    Robyn Millard Member Posts: 14 ✭

    Thank you Kris Williams!

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